Bitcoin Price Continued Stumbling After South Korean Exchange Hack

Bitcoin Price Continued Stumbling After South Korean Exchange Hack

Bitcoin price kept on stumbling because of hacking in South Korean exchange. As per Zee Biz, Bitcoin prices reach its minimal and worst value for 2018 on Tuesday over resumed concerns over how safe this virtual currency can be.

On Bitstamp, Bitcoin was last trading at $6825.36, down nearly 1 %. As that, it has gone under the last minimal price seen on February 5.

Prices have fallen over 15% since last Friday. There has been significant amendment in Bitcoin price after its record high in December 2017.

According to South Korean cryptocurrency exchange the hackers have stolen about one-third of the coins traded on its market.

Yesterday Coinrail announced that hackers stole cryptocurrencies over the weekend including Pundi X, Aston and NPER. It mentioned nothing but Yonhap News agency listed nameless industry sources saying coins worth about 40 billion won ($ 37 million) were lost. If the information is true, that would make it the biggest cryptocurrency theft in South Korea. According to Coindesk Bitcoin was trading at $ 6,780 on Monday, down from more than $ 7,500 before the weekend.

Coinrail announced it was interacting with police and delayed the trading. In fact by trading volume Coinrail which was launched in September, was the seventh-largest exchange in South Korea. South Korea has seen a hype over bitcoin and other cryptocurrencies, motivating authorities to try to hold in speculative investment this year by tightening regulations. Cryptocurrencies still are popular, especially with young investors.